Edmonton Cyber Liability Insurance
As the world changes, so do the ways we work. In recent years, many businesses moved their information online. But as beneficial as technology can be, it also raises concerns about security risks. If your business isn’t protected, it may be at risk of a cyber-attack.
Cyber insurance is an important risk management strategy. With an Edmonton cyber insurance policy, you can protect your business from the financial impacts of cyber-attacks.
When you’re choosing a business insurance plan, consider cyber coverage. Our insurance advisors can help you choose a policy that’s right for your company.
What Is Cyber Insurance & How Does It Work?
Each year, rates of cybercrime are rising. Many business owners think that only large corporations are targeted by hackers. But this is far from true—many hackers target small businesses, knowing that those companies have fewer resources to invest in security.
Imagine what might happen if your business contacts, payment information, or private customer data were leaked. Not only would it harm your reputation, but you’d be financially responsible for helping the customers and employees affected by the attack. They may choose to take legal action against your business.
Cover the costs of a cybercrime with cyber insurance. If your business falls victim to a cyber-attack, this insurance policy offers the financial protection you need.
Risks Covered by Cyber Insurance Edmonton
As a business owner, you’re responsible for protecting the information of your customers and employees. If that confidential data is leaked due to a cyber-attack, data breach, or malicious software, you could be held liable for the repercussions.
Here’s what a typical cyber liability policy will cover:
If your network is down, you won’t be able to carry out your regular operations. Cover the loss of income with cyber insurance. This policy also covers inflated operation costs that may follow a cyber incident.
After a data breach occurs, you are legally obligated to report it to the privacy commissioner. Many business owners underestimate the expense of this process. A cyber liability policy will cover the costs of reporting the incident and hiring a lawyer.
Even though many hackers demand a ransom before they’ll return stolen data, most businesses can’t afford those payments. If your business is extorted by a cybercriminal, this policy will help reimburse you for the costs.
Even after a cyber-attack has been resolved, you may not know who the perpetrator was. With forensic support coverage, you can identify who attacked your business and find out how to prevent it from happening again.
Types of Cyber Attacks & Data Breaches Covered by Cyber Insurance in Edmonton
You might be wondering what exactly your cyber insurance policy will cover. A cyber-attack can take many forms. A few examples of attacks that are covered include:
- Malware: After a virus is installed on a computer, a hacker can use that device remotely to access data.
- Denial of service: Cybercriminals make a network or device unavailable.
- Ransomware: Organizations may be unable to access their services or accounts during a ransomware attack; they are typically required to pay a fee to resume control.
- Phishing: Usually sent through emails, these messages contain disguised links that, once clicked, leak information that gets stored on the computer.
- Spoofing: A cyber-attacker may impersonate another employee to hijack information.
Factors Affecting the Cost of Cyber Insurance Edmonton
Depending on the risk level of your business, the cost of your cyber insurance will vary. Factors that affect the cost include:
- Technology use
- Business size
- Data use
- Computer protections currently used
- Annual revenue
How To Get Cheaper Cyber Liability Insurance?
Want to lower your cyber insurance policy rates? With these tips, you can lower the cost of your monthly premiums:
First, consider choosing a higher deductible. You’ll need to pay more when you make a claim, but a higher deductible will lower the cost of your premiums.
If you already have business insurance, try bundling your cyber insurance with your existing policy.
Next, increase the security of your network. Every measure you take to defend against cybercrimes will lower the likelihood of an attack. You might consider educating your employees about common cyber-attack methods (including phishing emails).
Finally, contact an insurance advisor at Westland Insurance. We’ll compare rates offered by different insurance companies to find coverage that’s affordable for your business.
How Much Cyber Insurance Does My Company Need?
If a client seeks legal action after a data breach, your cyber liability insurance is designed to protect you from defence costs. But how much coverage does your policy offer?
Consider how many clients your company has. The more people whose data you are responsible for, the larger the legal repercussions you could face from a cybercrime. If you operate a large corporation, you may need to increase your policy limit.
Is It Worth Getting Cyber Insurance?
As a business owner, you’re familiar with the day-to-day operations of running a company. But you might not be as familiar with the security risks of technology.
Part of your cyber insurance policy is incident response & crisis management. You could be involved in a situation where a hacker demands money before they return your business data. With cyber coverage, your insurance company will assist with negotiating terms, investigating the incident, and managing PR if the story reaches the news.
Request an Insurance Quote Today
Protect your business and your clients with comprehensive insurance coverage for cyber-attacks. Need help choosing the right cyber insurance policy for your business? At Westland Insurance, we can help you find a tailored policy that suits your business.
Locations we serve include:
It’s time to protect your business with cyber insurance coverage. For an insurance quote, contact us today!